Procter & Gamble Partners with NASA to Develop Laundry Solution for Astronauts

14 Jan 2022, 11:57 · Views 219

Procter & Gamble (PG) has teamed up with the National Aeronautics and Space Administration (NASA) to work on a formula that will allow astronauts to do laundry while on a mission. The two are testing a degradable version of Tide, the detergent being used by millions, for laundry operations in space. PG shares fell 0.84% to close at $162.83 on January 6.

P&G designs, manufactures, and distributes beauty, grooming, healthcare, and baby products. It also deals in feminine & family care products. Procter & Gamble’s earnings report for Fiscal Q2 2022 is scheduled for January 19, 2022.

Degradable Tide

The first shipment of the degradable Tide detergent was shipped to space on a SpaceX rocket late last year. Its performance is currently undergoing tests. Currently, there are no laundry solutions available for astronauts in space.

Astronauts have to wear clothes several times and replace them with new ones delivered on resupply. Procter & Gamble is offering a degradable Tide that is optimized for use in about 15 liters of water on a 10-pound load of laundry, instead of using up to 77 liters while washing at home.

By offering a detergent that ensures astronauts can do laundry while in space, Procter & Gamble hopes to address the limited cargo capacity. Additionally, it should address the replenishment problem of longer trips.

Stock Rating

In mid-December, Evercore ISI analyst Robert Ottenstein reiterated a Buy rating on P&G with a $163 price target. This implies that shares are fully valued at current levels.

Consensus among analysts is a Moderate Buy based on 3 Buys and 3 Holds. The average Procter and Gamble price target of $155 implies 4.81% downside potential to current levels.

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The FCA has started criminal proceedings against Anthony Hay, Laura Hay, Tim Stewart, Premier Finance GB Ltd and Proserv GBR Limited, for allegedly engaging in unauthorised business. Anthony Hay, Laura Hay and Tim Stewart are jointly charged for their involvement in the conduct of two Bristol firms, Premier Finance GB Ltd and Proserv GBR Limited, in relation to high-end luxury vacuum cleaners retailing for up to £3,000. Between 1 April 2014 and 31 March 2023, the firms are alleged to have generated at least £4m from unlawful business activities involving thousands of customers. The individuals are accused of engaging in regulated credit agreements, hire agreements and contracts of insurance (service packages and callout covers) for vacuum cleaners, when they were not authorised by the FCA to do so. The firms also collected money from credit and hire customers without FCA authorisation. Anthony and Laura Hay served as directors of the companies and Tim Stewart was the compliance manager at both companies. The defendants will appear before Westminster Magistrates’ Court on 7 November 2024. Notes to editors Anthony Hay’s DoB (date of birth) is 4 June 1968. Laura Hay’s DoB is 3 May 1979. Tim Stewart’s DoB is 20 October 1985. The FCA is prosecuting the above firms and individuals for breaches of section 23(1) of the Financial Services and Markets Act 2000 (FSMA) namely by carrying out debt administration and debt collection, entering into regulated credit agreements and hire agreements, and effecting and carrying out contracts of insurance with retail customers for vacuum cleaners, whilst not being authorised. The FCA is also prosecuting Mr Hay, Ms Hay and Mr Stewart as company officers under section 400 of FSMA, in that they consented, connived or neglected to act in relation to the firms’ misconduct. Carrying out unauthorised business is an offence punishable by a fine and/or up to two years’ imprisonment. Find out more information about the FCA.

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The FCA has fined Macquarie Bank Limited - London Branch (MBL) £13m for serious failings that allowed one of its employees to record over 400 fictitious trades. From June 2020 to February 2022, Travis Klein, a trader based on MBL’s London Metals and Bulks Trading Desk was able to record and take steps to conceal over 400 fictitious trades in MBL’s internal systems in a bid to hide his trading losses. The fictitious trades were not detected earlier because of significant weaknesses in MBL’s systems and controls, some of which the firm had been previously made aware of. Despite knowing of the weaknesses, MBL failed to put effective and timely plans in place to fix them. As a result, Mr Klein, a relatively junior trader, was able to bypass 3 key internal controls without detection for over 20 months. The FCA has banned Mr Klein from the financial services industry for acting dishonestly and without integrity and would have fined him £72,000 if his application for serious financial hardship had not been successful. The fictitious trades cost MBL an estimated USD $57.8m to unwind but did not affect customers or the market overall. If MBL had taken timely action to plug these gaps in their systems and controls, this cost could have been substantially reduced or avoided altogether. Steve Smart, joint executive director of enforcement and market oversight, said: 'MBL’s ineffective systems and controls meant that one of its employees could, at least for a time, hide trading losses which cost the firm millions to unwind. 'This should serve as an example to those we regulate; risk can come from within. You need the right systems to identify it so it can be tackled early.' Notes to editors Final Notice 2024: Macquarie Bank Limited - London Branch. Final Notice 2024: Travis Lloyd Klein. Macquarie Bank Limited (MBL) is a company incorporated in Australia which forms part of a global financial services group. It operates in the UK through its London Branch and has been authorised by the FCA since December 2001. The FCA has imposed a financial penalty of £13,031,400 on MBL pursuant to section 206 of the Act for breaches of Principle 3 of the FCA's Principles for Businesses. MBL would have been fined £18,616,403 but it agreed to resolve these matters and so qualified for a 30% discount. Mr Travis Lloyd Klein (Mr Klein) was a trader on the Metals and Bulks Trading Desk at Macquarie Bank Limited from August 2017, initially working in Sydney Australia. From October 2018, Mr Klein worked at MBL’s London Branch. From 5 December 2018, Mr Klein was a Certified Employee at MBL for the purpose of client dealing and was therefore subject to the FCA's Individual Conduct Rules, including the requirement to act with integrity. The FCA has also made an order prohibiting Mr Klein from performing any function in relation to any regulated activity carried on by an authorised person, exempt person, or exempt professional firm, pursuant to section 56 of the Act. Find out more about the FCA.

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